Competition Commission has cleared the Phoenix Mills Ltd's proposed Rs 5,450-crore deal to acquire a 49% stake in its joint venture firm Island Star Mall Developers Pvt.
Currently, The Phoenix Mills and Canada Pension Plan Investment Board (CPP Investments) hold 51% and 49% stake in ISMDPL, respectively.
Post deal, the company's stake in ISMDPL will rise to 100% as CPP Investments will exit the joint venture.
In a release on Tuesday, Competition Commission of India said it has approved the proposed acquisition.
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ISMDPL is primarily into the development of commercial and retail real estate in certain cities.
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